Sumitomo lowers full-year income forecast by 17%

31 March 2008 10:27  [Source: ICIS news]

TOKYO (ICIS news)--Japan’s Sumitomo Chemical has lowered its forecast for full-year 2007 consolidated operating income by 16.7% to yen (Y) 100bn ($1.01bn), due partly to a poor performance in its petrochemicals and basic chemicals segments, the producer said on Monday.

 

The company said the revision was also due to high feedstock costs and dramatic changes of currency exchange rates.  

 

The forecast for consolidated operating income for its fiscal year ended 31 March was lowered by Y20bn from Y120bn, previously announced on 25 December.

 

Net sales for the full year were now expected to be Y1,910bn, down 1.5% from the previous estimate of Y1,940bn.

 

Meanwhile, the forecast for net income during the same period was lowered by 23.5% to Y65bn, from Y85bn.

 

($1 = Y99.23)

By: Tomomi Yokomura
+65 6780 4359

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